During the six month period ending 30 September 2018 the budget hotel chain said total system sales rose from £37.2m, up from £29.7m the previous year. Like-for-like revenue at franchised hotels also grew by 12%, and revenue per available room increased 11% at its group-owned hotels.
EasyHotel also opened five new hotels and add four new franchisee hotels. Combined, this resulted in a portfolio size increase of 42% and increased the total network of 33 hotels across 27 cities.
The group also announced it will also be undertaking a full refurbishment of its property at 80 Old Street. The board said it has taken the decision to shut the entire building from December 2018 instead of a rolling refurbishment programme and expects to re-open the building as a 89-bedroom hotel and 15,500 sq ft of office accommodation in the second half of 2019. The total cost for the development is expected to be approximately £7m.
The group said it will also look to increase it offering in Europe and will initially focus on Spain, France and Germany, where it said the board believes there is “potential for the brand to target 10 to 15 cities” in each of the three countries. It also said a dedicated team has been appointed to lead the expansion.
Guy Parsons, CEO of EasyHotel plc, said: “Whilst we are mindful of the current economic uncertainty facing the UK, our simple, stylish and highly affordable customer proposition resonates well with today’s cost-conscious traveller and has underpinned strong RevPar growth over the period.”